What is programmed savings and what are the advantages?

Find out what a savings program is and learn about the main advantages of this service

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Do you know what scheduled savings are? This service is a great option for those who want to start saving money every month.

The good news is that there are several tools and services that can help you save more easily. One of them is scheduled savings.

If you want to know what this is, keep reading. We'll explain how it all works!

What is programmed savings?

A savings program is a free service offered by banks to consumers who have a checking or savings account.

Basically, you will schedule the service to happen every month, as if it were an automatic debit.

It works like this: if you have a bank account with the current and savings option, simply activate scheduled savings.

The defined amount, every month, will be transferred from the current account to the savings account, on the day you chose.

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What should you know before investing in your planned savings account?

This tool is a great option for those who want to save money, but don’t have the discipline or focus to do so.

So if you really want to start save money, whether to create an emergency fund, invest or make your dreams come true, this option can be very advantageous.

However, before you start investing in your planned savings, you need to start planning.

The first thing you should do is choose the amount you intend to invest and the best day for the investment to be deposited into your savings account.

Furthermore, it is also necessary to know all the conditions of the application and what the financial institution in question offers.

Which banks offer programmed savings?

Most banks offer this service.

However, they have different names for scheduled savings.

Itaú, for example, calls it Scheduled Purchase and offers several share purchase options.

At Santander, the service is known as Scheduled Savings Deposit.

Therefore, the ideal is that you contact your bank and clear up any doubts you may have about the service!

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What are the main advantages of programmed savings?

Any type of savings offers advantages, especially for people who really want to save and have more financial peace of mind..

And programmed savings offers several types of benefits to users, such as:

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Freedom to schedule the day and amount you want to save

You are the one who defines the amount you will save and when the money will be transferred to the savings account.

This will help you create discipline to save and also establish financial goals that can be achieved in the future with the money you are saving.

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Financial discipline

Saving money is one of the main goals of Brazilians.

However, this is not always easy. And if you want to start saving but forget to do it or end up spending the money, planned savings will help you have more discipline.

After all, even if you forget to separate the amount, the system will carry out this process automatically.

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There are no fees or charges

You do not need to pay any type of fee to activate this service.

Furthermore, transactions are automatic, meaning you don't need to go to the branch to make the transfer.

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Possibility of saving money

Financial discipline is something that should become constant in your life.

By developing this habit, it becomes much easier to acquire financial intelligence and, therefore, always have money saved for unforeseen events that may arise.

Therefore, if you want to start saving money, it is worth asking your bank about this type of service.

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What are the disadvantages of planned savings?

As you can see, the tool offers several advantages and is very practical for those who want to develop the habit of saving money.

However, there are some disadvantages that need to be mentioned.

The first of these is the yield, which is lower than other fixed income investments, such as Treasury Direct and CBD.

These investments are as safe as savings, but offer a more advantageous rate of return.

Therefore, planned savings can even be the first tool used to create the habit of saving money.

However, if you have medium and long-term goals, it is essential that you start investing in more profitable applications, so that you can maximize your earnings and maintain your purchasing power over the years.

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What is the yield on programmed savings?

The return on programmed savings is the same as that on traditional savings.

To help you understand better, we will explain how it works. savings income:

• If the Selic rate is above 8.5% per year: savings yield 0.5% on the amount deposited + Reference Rate;

• If the Selic rate is equal to or below 8.5% per year: savings yield 70% of the Selic + Reference Rate

In May 2022, the Central Bank decided to raise the Selic rate (the economy's basic interest rate) once again.

Selic went from 11.75% to 12.75% per year. This is the highest value since February 2017.

Therefore, the profitability of the new savings is 0.5% per month + TR, which yields 6.17% per year.

It is important to remember that savings are an investment that is protected by the Credit Guarantee Fund (FGC). The FGC guarantee amount is R$$ 250,000 per CPF.

Conclusion

Now you know what programmed savings are and how this tool works.

When it comes to investments, savings are not a good option, as their return is less advantageous compared to other fixed income investments.

However, the idea of automating the habit of saving money is a great way to organize your finances and create an emergency fund.

Before scheduling the transfer, define the amount that will be saved automatically and the best day to carry out the operation!